创业金融课件3

1、lecture 3 the business plan,entrepreneurial finance,why do we need a business plan?,business plan a business plan is a written narrative, typically 25 to 35 pages long, that describes what a new business plans to accomplish. dual-use document for most new ventures, the business plan is a dual-purpos

2、e document used both inside and outside the firm.,the business plan,there are two primary audiences for a firms business plan a firms employees a clearly written business plan helps the employees of a firm operate in sync and move forward in a consistent and purposeful manner. investors and other ex

3、ternal stakeholders a firms business plan must make the case that the firm is a good use of an investors funds or the attention of others.,the business plan,structure of the business plan to make the best impression a business plan should follow a conventional structure. although some entrepreneurs

4、want to demonstrate creativity, departing from the basic structure of the conventional business plan is usually a mistake. typically, investors are busy people and want a plan where they can easily find critical information.,the business plan,structure of the business plan (continued) software packa

5、ges there are many software packages available that employ an interactive, menu-driven approach to assist in the writing of a business plan. some of these programs are very helpful. however, entrepreneurs should avoid a boilerplate plan that looks as though it came from a “canned” source. sense of e

6、xcitement along with facts and figures, a business plan needs to project a sense of anticipation and excitement about the possibilities that surround a new venture.,the business plan,content of the business plan the business plan should give clear and concise information on all the important aspects

7、 of the proposed venture. it must be long enough to provide sufficient information yet short enough to maintain reader interest. for most plans, 25 to 35 pages is sufficient. types of business plans there are three types of business plans, which are shown on the next slide.,the business plan,the bus

8、iness plan,recognizing the elements of the plan may change its important to recognize that the plan will usually change while written. new insights invariably emerge when an entrepreneur or a team of entrepreneurs immerse themselves in writing the plan and start getting feedback from others.,the bus

9、iness plan,the business plan,outline of business plan a suggested outline of a business plan is shown on the next several slides. most business plans do not include all the elements introduced in the sample plan; i include them here for the purpose of completeness. each entrepreneur must decide whic

10、h elements to include in his or her plan.,executive summary the executive summary is a short overview of the entire business plan it provides a busy reader with everything that needs to be known about the new ventures distinctive nature. an executive summary shouldnt exceed two single-spaced pages.,

11、elements of the business plan,elements of the business plan,the executive summary in many instances an investor will ask for a copy of a firms executive summary and will ask for a copy of the entire plan only if the executive summary is sufficiently convincing. the executive summary, then, is arguab

12、ly the most important section of a business plan.,elements of the business plan,company description this section begins with a general description of the company. items to include in this section: company description company history mission statement products and services current status legal status

13、 and ownership key partnerships (if any),elements of the business plan,market analysis the market analysis breaks the industry into segments and zeros in on the specific segment (or target market) to which the firm will try to appeal. items to include in this section: market segmentation and target

14、market selection buyer behavior competitor analysis,elements of the business plan,the economics of the business this section addresses the basic logic of how profits are earned in the business and how many units of a businesss profits must be sold for the business to “break even” and then start earn

15、ing a profit. items to include in this section: revenue drivers and profit margins fixed and variable costs operating leverage and its implications start-up costs break-even chart and calculations,elements of the business plan,marketing plan the marketing plan focuses on how the business will market

16、 and sell its product or service. items to include in this section: overall marketing strategy product, price, promotions, and distribution sales process (or cycle) sales tactics,elements of the business plan,design and development plan if youre developing a completely new product or service, you ne

17、ed to include a section in your business plan that focuses on the status of your development efforts. items to include in this section: development status and tasks challenges and risks projected development costs proprietary issues (patents, trademarks, copyrights, licenses, brand names),operations

18、 plan outlines how your business will be run and how your product or service will be produced. a useful way to illustrate how your business will be run is to describe it in terms of “back stage” (unseen to the customer) and “front stage” (seen by the customer) activities. items to include in this se

19、ction: general approach to operations business location facilities and equipment,elements of the business plan,elements of the business plan,management team and company structure the management team of a new venture typically consists of the founder or founders and a handful of key management person

20、nel. items to include in this section: management team board of directors board of advisers company structure,elements of the business plan,overall schedule a schedule should be prepared that shows the major events required to launch the business. the schedule should be in the format of milestones c

21、ritical to the businesss success. examples of milestones: incorporating the venture completion of prototypes rental of facilities obtaining critical financing starting production obtaining the first sale,elements of the business plan,financial projections the final section of a business plan present

22、s a firms pro forma (or projected) financial projections. items to include in this section: sources and uses of funds statement assumptions sheet pro forma income statements pro forma balance sheets pro forma cash flows ratio analysis,presenting the business plan to investors,the oral presentation t

23、he first rule in making an oral presentation is to follow directions. if youre told you have 15 minutes, dont talk for more than the allotted time. the presentation should be smooth and well-rehearsed. the slides should be sharp and not cluttered. questions and feedback to expect from investors the

24、smart entrepreneur has a good idea of the questions that will be asked, and will be prepared for those queries.,twelve powerpoint slides to include in an investor presentation,presenting the business plan to investors,title slide problem solution opportunity and target market technology competition,

25、7.marketing and sales 8.management team 9.financial projections 10.current status 11.financing sought 12.summary,weaknesses in business plans,working in groups,it is pretty easy to become convinced of the viability of your new business. you must be realistic, examine the business environment consider the economic environment believe in your financials! trust your group members!,the business plan,the business plan,the businesses have been a